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Australia

Australian Economy Stats

chris.lockyer781

Author: chris.lockyer781

The Australian economy has performed well even during the recent global recession. The nation struggled last year mainly because of the elections but national economists and officials of the Reserve Bank of Australia believe that the country can recover this year. Last year, business organizations and ordinary consumers were not prepared to increase spending. At the same time, the national economy was undergoing transition. Top industries were mining and construction.

Forecasts made by the International Monetary Fund expect that international economic growth to be normal and go up by 3.5 percent in 2014. However, the Federal Government is quite uncompromising in squeezing budget spending instead of depending on stronger economic growth. This is meant to enhance government revenues and reduce budget deficit. The Reserve Bank can bring down interest rates if fiscal or budget policy is too tight. This risk is expected to shift back to higher interest rates as economic growth becomes normal again.

Overview:

Australia's abundant and diverse natural resources attract high levels of foreign investment and include extensive reserves of coal, iron ore, copper, gold, natural gas, uranium, and renewable energy sources. A series of major investments, such as the US$40 billion Gorgon Liquid Natural Gas project, will significantly expand the resources sector. Australia also has a large services sector and is a significant exporter of natural resources, energy, and food. Key tenets of Australia's trade policy include support for open trade and the successful culmination of the Doha Round of multilateral trade negotiations, particularly for agriculture and services. The Australian economy grew for 17 consecutive years before the global financial crisis. Subsequently, the Rudd government introduced a fiscal stimulus package worth over US$50 billion to offset the effect of the slowing world economy, while the Reserve Bank of Australia cut interest rates to historic lows. These policies - and continued demand for commodities, especially from China - helped the Australian economy rebound after just one quarter of negative growth. The economy grew by 1.2% during 2009 - the best performance in the OECD. Unemployment, originally expected to reach 8-10%, peaked at 5.7% in late 2009 and fell to 5.1% in 2010. As a result of an improved economy, the budget deficit is expected to peak below 4.2% of GDP and the government could return to budget surpluses as early as 2015. Australia was one of the first advanced economies to raise interest rates, with seven rate hikes between October 2009 and November 2010. The GILLARD government is focused on raising Australia's economic productivity to ensure the sustainability of growth, and continues to manage the symbiotic, but sometimes tense, economic relationship with China. Australia is engaged in the Trans-Pacific Partnership talks and ongoing free trade agreement negotiations with China, Japan, and Korea.

Definitions

  • Debt > External: Total public and private debt owed to non-residents repayable in foreign currency, goods, or services.
  • Exports: This entry provides the total US dollar amount of merchandise exports on an f.o.b. (free on board) basis. These figures are calculated on an exchange rate basis, i.e., not in purchasing power parity (PPP) terms.
  • Fiscal year: The beginning and ending months for a country's accounting period of 12 months, which often is the calendar year but which may begin in any month. All yearly references are for the calendar year (CY) unless indicated as a noncalendar fiscal year (FY).
  • GDP: GDP at purchaser's prices is the sum of gross value added by all resident producers in the economy plus any product taxes and minus any subsidies not included in the value of the products. It is calculated without making deductions for depreciation of fabricated assets or for depletion and degradation of natural resources. Data are in current U.S. dollars. Dollar figures for GDP are converted from domestic currencies using single year official exchange rates. For a few countries where the official exchange rate does not reflect the rate effectively applied to actual foreign exchange transactions, an alternative conversion factor is used.
  • GDP > Composition by sector > Industry: The gross domestic product (GDP) or value of all final goods produced by the industrial sector within a nation in a given year. GDP dollar estimates in the Factbook are derived from purchasing power parity (PPP) calculations. See the CIA World Factbook for more information.
  • GDP > Per capita: This entry gives the gross domestic product (GDP) or value of all final goods and services produced within a nation in a given year. A nation's GDP at purchasing power parity (PPP) exchange rates is the sum value of all goods and services produced in the country valued at prices prevailing in the United States. This is the measure most economists prefer when looking at per-capita welfare and when comparing living conditions or use of resources across countries. The measure is difficult to compute, as a US dollar value has to be assigned to all goods and services in the country regardless of whether these goods and services have a direct equivalent in the United States (for example, the value of an ox-cart or non-US military equipment); as a result, PPP estimates for some countries are based on a small and sometimes different set of goods and services. In addition, many countries do not formally participate in the World Bank's PPP project that calculates these measures, so the resulting GDP estimates for these countries may lack precision. For many developing countries, PPP-based GDP measures are multiples of the official exchange rate (OER) measure. The difference between the OER- and PPP-denominated GDP values for most of the weathly industrialized countries are generally much smaller. Per capita figures expressed per 1 population.
  • GDP > Per capita > PPP: This entry shows GDP on a purchasing power parity basis divided by population as of 1 July for the same year.
  • GDP > Purchasing power parity: This entry gives the gross domestic product (GDP) or value of all final goods and services produced within a nation in a given year. A nation's GDP at purchasing power parity (PPP) exchange rates is the sum value of all goods and services produced in the country valued at prices prevailing in the United States. This is the measure most economists prefer when looking at per-capita welfare and when comparing living conditions or use of resources across countries. The measure is difficult to compute, as a US dollar value has to be assigned to all goods and services in the country regardless of whether these goods and services have a direct equivalent in the United States (for example, the value of an ox-cart or non-US military equipment); as a result, PPP estimates for some countries are based on a small and sometimes different set of goods and services. In addition, many countries do not formally participate in the World Bank's PPP project that calculates these measures, so the resulting GDP estimates for these countries may lack precision. For many developing countries, PPP-based GDP measures are multiples of the official exchange rate (OER) measure. The difference between the OER- and PPP-denominated GDP values for most of the weathly industrialized countries are generally much smaller.
  • GDP > Real growth rate: GDP growth on an annual basis adjusted for inflation and expressed as a percent.
  • GDP per capita: GDP at purchaser's prices is the sum of gross value added by all resident producers in the economy plus any product taxes and minus any subsidies not included in the value of the products. It is calculated without making deductions for depreciation of fabricated assets or for depletion and degradation of natural resources. Data are in current U.S. dollars. Dollar figures for GDP are converted from domestic currencies using single year official exchange rates. For a few countries where the official exchange rate does not reflect the rate effectively applied to actual foreign exchange transactions, an alternative conversion factor is used. Figures expressed per capita for the same year.
  • Gross National Income: GNI, Atlas method (current US$). GNI (formerly GNP) is the sum of value added by all resident producers plus any product taxes (less subsidies) not included in the valuation of output plus net receipts of primary income (compensation of employees and prop).
  • Inflation rate > Consumer prices: This entry furnishes the annual percent change in consumer prices compared with the previous year's consumer prices.
  • Public debt: This entry records the cumulatiive total of all government borrowings less repayments that are denominated in a country's home currency. Public debt should not be confused with external debt, which reflects the foreign currency liabilities of both the private and public sector and must be financed out of foreign exchange earnings.
  • Tourist arrivals: International inbound tourists (overnight visitors) are the number of tourists who travel to a country other than that in which they have their usual residence, but outside their usual environment, for a period not exceeding 12 months and whose main purpose in visiting is other than an activity remunerated from within the country visited. When data on number of tourists are not available, the number of visitors, which includes tourists, same-day visitors, cruise passengers, and crew members, is shown instead. Sources and collection methods for arrivals differ across countries. In some cases data are from border statistics (police, immigration, and the like) and supplemented by border surveys. In other cases data are from tourism accommodation establishments. For some countries number of arrivals is limited to arrivals by air and for others to arrivals staying in hotels. Some countries include arrivals of nationals residing abroad while others do not. Caution should thus be used in comparing arrivals across countries. The data on inbound tourists refer to the number of arrivals, not to the number of people traveling. Thus a person who makes several trips to a country during a given period is counted each time as a new arrival."
  • Unemployment rate: This entry contains the percent of the labor force that is without jobs. Substantial underemployment might be noted.
STAT AMOUNT DATE RANK HISTORY
Debt > External $1.50 trillion 2012 12th out of 172
Exports $257.90 billion 2012 22nd out of 189
Fiscal year 1 2013
GDP $1.52 trillion 2012 13th out of 177
GDP > Composition by sector > Industry 26.6% 2012 108th out of 217
GDP > Per capita $37,828.78 per capita 2007 15th out of 183
GDP > Per capita > PPP $42,000.00 2012 10th out of 188
GDP > Purchasing power parity $961.00 billion 2012 18th out of 190
GDP > Real growth rate 3.7% 2012 87th out of 191
GDP per capita $67,035.57 2012 5th out of 177
Gross National Income $386.00 billion 2001 14th out of 158
Inflation rate > Consumer prices 1.8% 2012 168th out of 199
Public debt 32.4% of GDP 2012 107th out of 149
Tourist arrivals 5.59 million 2008 35th out of 145
Unemployment rate 5.2% 2012 88th out of 112

SOURCES: CIA World Factbooks 18 December 2003 to 28 March 2011; CIA World Factbooks 2010, 2011, 2012, 2013; All CIA World Factbooks 18 December 2003 to 18 December 2008; World Bank national accounts data, and OECD National Accounts data files.; CIA World Factbook 2010, 2011, 2012, 2013; World Bank national accounts data, and OECD National Accounts data files. Population figures from World Bank: (1) United Nations Population Division. World Population Prospects, (2) United Nations Statistical Division. Population and Vital Statistics Report (various years), (3) Census reports and other statistical publications from national statistical offices, (4) Eurostat: Demographic Statistics, (5) Secretariat of the Pacific Community: Statistics and Demography Programme, and (6) U.S. Census Bureau: International Database.; World Tourism Organisation, Yearbook of Tourism Statistics, Compendium of Tourism Statistics and data files.

Citation

"Australia Economy Stats", NationMaster. Retrieved from http://www.nationmaster.com/country-info/profiles/Australia/Economy

NationMaster

Australia Economy Profiles (Subcategories)

Adjusted savings 3 Inflation 10
Aid 6 Innovation 24
Balance of payments 28 Intellectual property 6
Budget 10 Interest payments 3
Business 5 International tourism 14
Changes in net 4 Investment 3
Commercial service 4 Labor force 3
Commercial service imports 4 Market capitalization of listed companies 4
Commitment to Development Index 4 Merchandise 4
Companies 32 Merchandise imports 4
Consumption 8 Micro 4
Currency 18 National accounts 101
Current account balance 5 Natural gas 8
Current transfers 4 Net capital account 4
Debt 52 Net current transfers 4
Economic aid 3 Net current transfers from abroad 6
Economic growth 8 Net errors and omissions 4
Economic structure 4 Net income 4
Electricity 8 Net income from abroad 6
Entrepreneurship 12 Net trade in goods 4
Exports 3 Net trade in goods and services 4
External balance on goods and services 7 Oil 10
Final 20 Portfolio investment 4
Financial sector 34 Poverty 3
Foreign direct investment 14 Poverty and inequality 6
GDP 42 Productivity 7
GDP growth 4 Public expenditure 4
GDP per capita 4 Purchasing power parity 11
GNI 12 Reserves 6
Gold 4 Retail 3
Goods 4 Royalty and license fees 8
Goods imports 4 Savings 42
Government 9 Service 4
Government debt 4 Service imports 4
Government deficits and debt 4 Services 10
Government spending 5 Spending 73
Gross capital formation 10 Stock of direct foreign investment 6
Gross domestic savings 6 Stocks traded 5
Gross fixed capital formation 10 Support and aid 6
Gross national expenditure 9 Tax 75
Gross savings 6 Taxes 3
Gross value added at factor cost 9 Total 9
High-technology 4 Tourism 21
Household final 23 Tourism expenditures 5
Income 24 Tourism receipts 5
Income distribution 4 Tourist arrivals by region of origin 8
Income payments 4 Trade 1658
Income receipts 4 Trademark applications 4
Inequality 13 Transnational corporations 4

8

The Australian economy has performed well even during the recent global recession. The nation struggled last year mainly because of the elections but national economists and officials of the Reserve Bank of Australia believe that the country can recover this year. Last year, business organizations and ordinary consumers were not prepared to increase spending. At the same time, the national economy was undergoing transition. Top industries were mining and construction.

Forecasts made by the International Monetary Fund expect that international economic growth to be normal and go up by 3.5 percent in 2014. However, the Federal Government is quite uncompromising in squeezing budget spending instead of depending on stronger economic growth. This is meant to enhance government revenues and reduce budget deficit. The Reserve Bank can bring down interest rates if fiscal or budget policy is too tight. This risk is expected to shift back to higher interest rates as economic growth becomes normal again.

Posted on 28 Mar 2014

chris.lockyer781

chris.lockyer781

393 Stat enthusiast

0

Do you have this info available via REST / WServices?

Cheers

Pete...

Posted on 03 Dec 2009

Pete Januarius

Pete Januarius

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